Wednesday, 26 August 2015

Stocks slip as China rate cuts fail to calm nerves

Asian stocks fell on Wednesday as investors feared fresh rate cuts in China would not be enough stabilise its cooling economy or halt a collapse in its stock markets.
China's key share indexes attempted to move higher several times in early trade only to be slapped back by waves of selling, reflecting investors' views that much more support was needed from the government and the central bank.
Following a near 20 percent plunge in stock prices in three days, the People's Bank of China cut interest rates late on Tuesday and lowered the amount of reserves that banks must hold in a much-anticipated move that some economists said was long overdue.
While the double-barrelled policy moves were initially cheered by markets around the world, the impact didn't last long as investors quickly resumed their focus on the deteriorating outlook for China and the global economy.

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